The Dow was down 370 points, or 2.7%. Nasdaq fell almost the same amount.
But, that was not the story. What happened at the end of the day is what was important. The market did not roll over and surrender. It bottomed at the end, but it did not collapse. The Dow did not give up another 100 points in the last 15 minutes.
That points the market toward Monday. The lesson of the ’87 Crash was that getting out on Friday was the right thing to do. Waiting over the weekend was a bad call
The smart money obviously does not believe Monday will be the end of the world because it held the line at the end of trading today.
Wall St. hopes that the trading in the last 15 minutes was based on the right sentiment.
Douglas A. McIntyre